In the first half of 2019, China’s imported car market has grown against the trend

In the first half of 2019, China's imported car market has grown against the trend

The Beijing News reporter learned from the “High-quality Development Report of China’s Auto Trade” (“Report”) released by the Ministry of Commerce on December 30 that in the first half of 2019, the price of imported cars was reduced, import tariffs were reduced, and domestic market consumption Influenced by favorable factors such as upgrades, the imported car market increased by 4.8%.

The “Report” shows that since 2011, China has maintained an import scale of more than one million for eight consecutive years, of which in 2014 reached a peak of 1.43 million vehicles, and then fell back in the following years. From July 1, 2018, China took the initiative to reduce import tariffs on complete vehicles and parts, but under the influence of economic downturn, weak domestic automobile consumption, and Sino-US trade friction, China’s auto imports fell by 8.5 %, Still reaching 1.13 million.

From the perspective of imported car models, in 2018, Mercedes-Benz, BMW and Lexus all imported more than 140,000 vehicles, ranking among the top three, accounting for 43.6% of the total. In order to meet the new needs of domestic consumers for diversified, fashionable and personalized consumption, multinational automobile companies have continuously increased their efforts to launch new products. According to incomplete statistics, in the second half of 2019 alone, 25 imported new models (including new models and replacement models) were introduced into the domestic market. At the same time, multinational companies have begun to launch new energy models in the domestic market, such as BMW X5 xDrive40e, Audi Q7 55 e-tron, Porsche Cayenne E-Hybrid, etc.

From the perspective of the source of automobile imports, German brands such as Mercedes-Benz, BMW, and Audi actively meet the needs of Chinese consumers, and German automobile import supply and market share have gradually increased. Korean brands such as Hyundai and Kia are at a disadvantage in the competition. In 2018, the top three sources of imports were Japan, Germany, and the United States. The combined market share of the three countries reached 71.7%, an increase of 12.6 percentage points from 2013. The import volume from South Korea ranked fifth in 2013 and has fallen out of the top ten by 2018.

From the perspective of the displacement structure of imported passenger car models, the main distributors of major brands have further adjusted their product structure to strengthen the introduction of small and medium-sized displacement, energy-saving and environmentally-friendly models. From 2013 to 2018, the proportion of 1.5L-2.0L imported models increased from 34.6% to 46.1%, an increase of 11.5 percentage points. 1.5L-2.0L imported models have become the largest displacement range of imported cars in China for five consecutive years.

In addition, parallel imported cars have become a new hot spot. In the first half of 2019, the total number of parallel imported cars in China reached 90,000, a growth rate of more than 50%, accounting for 17% of the total imported cars, an increase of 4.4 percentage points from 2018, and the proportion reached a new high of nearly six years. 200, most of them are mid- to high-end auto brands.

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